We applaud the U.S. House of Representatives and the Trump Administration for seeking to lower tax barriers and level the global playing field for U.S. businesses. We also appreciate the Senate Finance Committee’s willingness to make clarifying changes to mitigate negative impacts to U.S. companies, such as clarifying that the portfolio interest exemption continues to apply in the context of Section 899. The U.S. Treasury market will benefit greatly from this clarity.

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